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Mega Millions Annuity Jackpot Analysis for New Jersey

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $109,000,000 would be for a resident of New Jersey, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New Jersey

Drawing Date:  Tue, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$131,249$1,115,612
2$1,722,637$413,433$137,811$1,171,393
3$1,808,769$434,104$144,701$1,229,963
4$1,899,207$455,810$151,937$1,291,461
5$1,994,167$478,600$159,533$1,356,034
6$2,093,876$502,530$167,510$1,423,835
7$2,198,570$527,657$175,886$1,495,027
8$2,308,498$554,040$184,680$1,569,779
9$2,423,923$581,742$193,914$1,648,268
10$2,545,119$610,829$203,610$1,730,681
11$2,672,375$641,370$213,790$1,817,215
12$2,805,994$673,439$224,480$1,908,076
13$2,946,293$707,110$235,703$2,003,480
14$3,093,608$742,466$247,489$2,103,654
15$3,248,289$779,589$259,863$2,208,836
16$3,410,703$818,569$272,856$2,319,278
17$3,581,238$859,497$286,499$2,435,242
18$3,760,300$902,472$300,824$2,557,004
19$3,948,315$947,596$315,865$2,684,854
20$4,145,731$994,975$331,658$2,819,097
21$4,353,017$1,044,724$348,241$2,960,052
22$4,570,668$1,096,960$365,653$3,108,054
23$4,799,202$1,151,808$383,936$3,263,457
24$5,039,162$1,209,399$403,133$3,426,630
25$5,291,120$1,269,869$423,290$3,597,961
26$5,555,676$1,333,362$444,454$3,777,859
27$5,833,459$1,400,030$466,677$3,966,752
28$6,125,132$1,470,032$490,011$4,165,090
29$6,431,389$1,543,533$514,511$4,373,345
30$6,752,959$1,620,710$540,237$4,592,012
Total$109,000,000$26,160,000$8,720,000$74,120,000
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